Getting life insurance is a relatively easy process for those without major health problems or other diseases, but it can be a pretty big headache for buyers who have either Type 1 or Type 2 diabetes. Both forms of diabetes present unique challenges when securing a competitive life insurance policy, and those who have this common disease need to be prepared to encounter different prices, policies, and products, than their counterparts with healthy amounts of insulin. Furthermore, both types of diabetes have different impacts when searching for an appropriate life insurance option.

Why Diabetes Matters: It’s All About Risk

The key thing to remember about purchasing any insurance product is that the premium’s price will always reflect the amount of risk associated with insuring the policyholder. Those policyholders who present a lower risk to the company, generally by being in good health and demonstrating that they likely won’t require an insurance payout, get treated to the lowest rates. Those who may need the financial assistance guaranteed to them by their life insurance product, however, will pay a higher premium associated with that higher risk.

Sufferers of Type 1 and Type 2 diabetes pay some of the highest life insurance premiums, particularly if they have not made a concerted effort to gain control over the disease. Insurance companies will perform their own assessment of the disease, often with a required physical examination unless you look into a carrier who specifically offers non medical life insurance , to determine whether the buyer is working to control their diabetes or whether they have let their sugar level, and insulin level, slide.

Type 2 Diabetes: The Low-Risk Form of the Disease

Diabetes comes in two types, primarily differentiated based on insulin levels and the age at which diabetes first become noticeable. Without a doubt, the most common form of diabetes is known as Type 2, or adult onset diabetes. When patients are diagnosed with Type 2 diabetes, it’s generally because their body has stopped producing enough insulin. This is unlike Type 1 diabetes, where insulin is generally not produced at all.

Type 2 diabetes is relatively easy to control through changes in the patient’s diet. If caught and controlled early enough, it may even be cured, as long as the patient remains vigilant. Insurance companies prefer to deliver life insurance products to patients who have Type 2 diabetes, and they offer lower rates to those patients who have maintained a long history of control over the disease. Those patients who have no such control over their insulin levels will often face higher premiums or outright rejection in terms of approval for a life insurance product.

Of course, not all life insurance companies assess risk in the same way. Some companies may still reject diabetes sufferers who have control over the disease, scared away by the potential harm to their bottom line. Companies like Banner Life Insurance review each case individually. Banner has become well known in the life insurance industry for having very fair underwriting guidelines for those who are diagnosed.

Type 1 Diabetes: A Real Battle for Insurance Coverage

Sufferers of Type 1 diabetes, a disease that typically makes itself known during childhood, are up for a bit more of a fight when obtaining a life insurance product. Even the least risk-averse insurance companies have been known to turn away Type 1 diabetes sufferers seeking coverage. During the application process, insurance companies will check the medical records of Type 1 sufferers and look into their height, weight, build, and other vital signs, over a long period of time. Those who are still much overweight will have a harder time being approved for coverage they can afford. The goal is to look for patterns that might indicate poor health or enhanced risk to the insurance company.

After this review has been completed, the insurance company will rank the Type 1 diabetes patient based on a series of preferred ratings and tables. If the risk is too high, they’ll be rejected for life insurance coverage. If they have a medium level of risk, most insurance companies will offer a term or whole life insurance policy with a greatly increased cost. Again, this is due to the company’s assessment that they’re more likely to pay out an insurance benefit to a diabetic policyholder than to those who do not have either the Type 1 or Type 2 form of the disease.

Application Process May be Long, and Must be Done Intelligently

When looking for a life insurance product while suffering from diabetes, it’s important to shop in a smart and wide-ranging way. Comparison-shopping between companies will indicate where the most affordable policy can be found, and it will reveal which companies are simply unwilling to work with those who have this common disease.

Comparison-shopping between the major life insurance companies is actually quite easy, boosted by one-stop tools that can submit the buyer’s information to each major company. A side-by-side comparison table of rates, regulations, and risk, will be returned to the prospect in a timely manner. This saves on visiting multiple websites, as well as calling each company separately in an effort to obtain coverage. Best of all, it ensures that even diabetic policyholders will pay a competitive rate for low cost life insurance and enjoy the same peace of mind that their non-diabetic counterparts have been treated to.